MGC94
Level 7
04-10-2024
07:14 PM
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Taxpayer lived in this house as main home for over three years. Wants to do the home sale exclusion. She rented her house out for one month in the summer and lived with her mother, then moved back in for a month right before it sold. Can she no longer claim the home sale exclusion for renting it out for one month?
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Norman2001
Level 7
04-10-2024
07:54 PM
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Renting out the property does not void the exclusion.
www.law.cornell.edu/cfr/text/26/1.121-1 (c)(4)Example 1
Accountant-Man
Level 13
04-10-2024
10:27 PM
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Read IRC Sec. 121.
** I'm still a champion... of the world! Even without The Lounge.
Level 15
04-11-2024
09:06 AM
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As long as they owned and lived in it as a personal residence for 24 months out of the past 60, they do qualify for the exclusion.
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